In a stock exchange filing, the company said: "The RBI on July 23, 2015 has granted Banking Licence to IDFC Bank Limited for undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949."
The company received a universal banking licence from RBI last year, and received in-principle approval for operation in April the same year.
IDFC Bank plans to commence operations from 1 October with 23 branches.
As reported in The Hindu, the new bank will operate in three verticals, including corporate banking that will leverage existing corporate relationships to expand retail banking, rural banking and urban consumer banking.
The bank plans to have fewer branches as it will incorporate more of technology to connect with the customers.
Meanwhile, Bandhan Financial Services Private, the other entity to receive to preliminary bank permits last year, announced plans to start operations from 23 August. The Kolkata-based non-banking finance company was granted a banking licence last month.
